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Mid-Morning Market Update: Markets Open Lower; Dollar General Lowers Full-Year Guidance


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Following the market opening Tuesday, the Dow traded down 0.63 percent to 25,663.53 while the NASDAQ declined 0.58 percent to 7,398.21. The S&P also rose, gaining 0.63 percent to 2,772.68.

Leading and Lagging Sectors

Tuesday morning, the utilities shares climbed 0.5 percent. Meanwhile, top gainers in the sector included Korea Electric Power Corporation (NYSE: KEP ) up 3 percent, and Companhia de Saneamento Basico (NYSE: SBS ) up 2 percent.

In trading on Tuesday, financial shares fell 2 percent.

Top Headline

Dollar General Corp. (NYSE: DG ) posted in-line earnings for its third quarter, while sales exceeded views. However, the company lowered its full-year forecast.

Dollar General reported quarterly earnings of $1.26 per share on revenue of $6.4 billion. However, analysts expected earnings of $1.26 per share on sales of $6.38 billion.

Dollar General now expects FY18 earnings of $5.85 to $6.05 per share, versus prior forecast of $5.95 to $6.15 per share.

Equities Trading UP

Safe-T Group Ltd (NASDAQ: SFET ) shares got a boost, shooting up 36 percent to $7.40 after announcing $292,000 of new contracts, including a contract with the Israeli government.

Shares of Movado Group, Inc. (NYSE: MOV ) shot up 18 percent to $43.35 after reporting better-than-expected Q3 results.

Novelion Therapeutics Inc. (NASDAQ: NVLN ) shares were also up, gaining 50 percent to $1.4671 after a shareholder, Healthcare Value Capital, send a letter to the company outlining its expectations that the company should explore potential sale.

Equities Trading DOWN

Barnes & Noble Education, Inc. (NYSE: BNED ) shares dropped 28 percent to $4.6633 following Q2 results.

Shares of Aphria Inc. (NYSE: APHA ) were down 19 percent to $4.916. Aphria responded Tuesday to criticism from a pair of short sellers that sent the stock tumbling 23 percent Monday.

Conn's, Inc. (NASDAQ: CONN ) was down, falling around 16 percent to $24.25. Conn's reported upbeat earnings for its third quarter, while sales missed estimates.

Commodities

In commodity news, oil traded up 1.91 percent to $53.96 while gold traded up 0.40 percent to $1,244.50.

Silver traded up 0.97 percent Tuesday to $14.64, while copper rose 0.07 percent to $2.8115.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 0.64 percent, the Spanish Ibex Index dropped 1.06 percent, while Italy's FTSE MIB Index dipped 0.75 percent. Meanwhile the German DAX declined 0.73 percent, and the French CAC 40 slipped 0.76 percent while U.K. shares fell 0.76 percent.

Economics

The Johnson Redbook Retail Sales Index rose 0.8 percent during November.

The Treasury is set to suction 4-and 8-week bills at 11:30 a.m. ET.

The Treasury will auction 52-week bills at 1:00 p.m. ET.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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This article appears in: Investing , Commodities
Referenced Symbols: CONN , KEP , MOV , SBS , DG



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